School bond would greatly increase debt

On this Nov. 5, the residents of Onslow County are being asked to vote on a $75 million school bond.

Judith Keith

To the editor:

On this Nov. 5, the residents of Onslow County are being asked to vote on a $75 million school bond.

The following information will help you make a better informed decision on how to vote. Please note that all Onslow County General Fund debt is paid mainly by sales-tax revenues and property-tax revenues. All bond debt is included in the General Fund.

nIn November 2005, a $90 million school bond was voted on and approved.

nOn June 1, 2006, the first draw-down of $40 million was made.

nThe payoff date for this draw-down is June 1, 2026.

nThe balance on this drawn down as of Sept. 23, 2013, is $37.8 million.

nOn April 1, 2008, the second draw-down was made for $50 million.

nThe payoff date on this draw-down is in June 2028.

nThe balance on this draw down as of Sept. 23, 2013, is $34 million.

nThe total balance due on this $90 million bond, as of Sept. 23, 2013, is $71.8 million.

In 2012 School Administrators conducted a Long Range Facilities Needs Assessment (LRFNA) and determined that they would need $363.8 million dollars to cover the cost of school construction and maintenance for the next 10 years.

The Board of Education is asking for a $75 million bond now to meet the immediate needs of the Onslow County Schools:

nReplace Dixon Middle School: $28 million.

nReplace Richlands Elementary school: $25 million.

nUpgrade safety and security across the district: $6 million.

nPerform major scheduled maintenance: $16 million.

You can look forward to more bond referendums coming up in the future to meet the needs of the school board’s 10-year plan — the LRFNA. The county commissioners are responsible for allotting funds to pay for school bonds. This can and usually does mean the need for more tax revenues.

The citizens of Onslow County are the taxpayers. I encourage you to go to the polls and vote on Nov. 5 and let the county commissioners know what you want them to do.

The Onslow County debt as of Sept. 23, 2013, was $189.6 million and if we add an additional $363 million over the next 10 years, it will more than double the county’s debt.